Tuesday, January 12, 2010

Goodbye RIC, Hello GDXJ

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Nice little mini-sell-off today ongoing as I am typing this. Against my "gut instinct" I held Richmont Mines (ticker: RIC) overnight with a 3% trailing stop loss instead of selling it outright yesterday. Needless to say for those who follow the stock, the stop loss triggered. Bought at $2.90 a few months ago, so happy with the trade (though always seeking to do even better...).

I plowed the capital back into GDXJ just now, as I liked the short-term chart on what I again think is going to be a BIG upward move in this ETF and the Gold stock sector in general. Here's a 15 minute intraday chart of the recent action in GDXJ:

Sorry I can't draw on charts right now, but you can see the markedly oversold RSI and dip below the 200 moving average on this 15 minute intraday chart. I remain wildly bullish on all things Gold.